AK Steel names more new leaders, including CFO
26 November 2015
AK Steel Holding named several new leaders, including a new top financial officer, amid continued reshuffling of its leadership.
The West Chester-based company promoted Jamie Vasquez to chief financial officer and vice president of finance. He joined the company last year and he will report to Roger Newport, who the company announced last month would be new CEO.
In addition, Gregory Hoffbauer, the company's chief accounting officer; and David Westcott, its treasurer, were both named vice presidents in addition to their current roles. Hoffbauer will oversee risk management, while Westcott will take responsibility for information technology.
AK Steel, which was founded in Middletown more than 100 years ago, is the second-largest Dayton-area company — and also one of the few public companies in the region — so its financial health carries a big economic impact. It has about 2,400 local employees and posted $6.5 billion in revenue in 2014.
These moves come a month after AK Steel announced James Wainscott, its CEO of 12 years, was stepping down for a non-executive role chairing its board of directors. Newport, who was CFO, was selected to replace him at the same time that Kirk Reich was promoted president and COO.
"These promotions add strength and depth to AK Steel's financial organization and to our senior leadership team overall," Wainscott said. "I am confident that each will provide strong leadership for AK Steel in the future."
The company has been pushing to adapt to what it calls "unfair" imports of carbon steel, which is says will make it hard to maintain. The company posted a modest $6.7 million profit in its third quarter.